Baltimore is a city that continues to evolve. The city, which is home to more than 600,000 individuals, continues to show signs of becoming a growing metropolis. It is the 30th largest city in America, and the demographics of Baltimore continues to change. Todd Lubar is a businessman and an entrepreneur based in the city of Baltimore, and he is talking about the current trends that affect the real estate sector. As the founder and president of TDL Ventures, he demonstrated how the changing demographics of Baltimore could be an advantage for companies that are doing business in the real estate industry. Todd Lubar highlighted that there are four major points that the real estate industry must remember, and if they managed to master the four pointers, their business would thrive.
The first thing that he noted is the influx of many young professionals into the city of Baltimore. These young professionals are just starting their career, and the first thing that they will be looking into would be a place where they would stay. The younger generation prefers homes that are practical, regardless of its size. Many youths are also into a minimalist living, so it won’t matter if the place they rent is big or small, as long as their needs are addressed. Because of the changing demographics of Baltimore, some real estate developers started to construct homes that are more affordable. They converted old warehouses into hip apartments, and it came out as a surprise that the younger generation prefers living in these renovated homes compared to the standard ones.
Another thing that Todd Lubar wanted to point out is that transportation affects the trend of the real estate sector. In Baltimore, the city government is investing a lot each year to improve their public transport system. Todd Lubar wanted to let the real estate investors know that if a city’s public transport system is efficient, many people will transfer to the city, and it would spew economic growth. In the case of Baltimore, the city is now working to improve their existing transport systems, and the new demographics of the city are welcoming the changes that they are trying to implement.
Todd Lubar also stated that the city should be open for business, and there should be ease of doing business in the city, meaning lesser red tapes and corruption. Entrepreneurs would thrive in a city that protects their rights, and Baltimore is a prime example of this kind of city. Todd Lubar highlighted the ease of doing business in Baltimore, and a lot of business people highly recommends it. Last but not the least would be the city’s cost of living. If the city has an affordable cost of living, many people will start transferring.